Bank of Montreal Sells Remaining Shares of Grupo Financiero BBVA Bancomer

Apr 04, 2001, 01:00 ET from Bank of Montreal

    TORONTO, April 4 /PRNewswire/ - Bank of Montreal today announced that it
 has entered into an agreement with Banco Bilbao Vizcaya Argentaria (BBVA) and
 Grupo Financiero BBVA Bancomer (GFBB) to sell its remaining 812 million Series
 O voting shares of GFBB to BBVA. In December, 2000, the bank had announced its
 plans to undertake an orderly disposition of its holdings.
     Of the 812 million shares, the sale of 500 million shares will close on
 April 5, 2001. Closing on the remainder is subject to Mexican and Spanish
 regulatory approvals. Settlement will be in U.S. dollars.
     When the sales are completed, the pre-tax gain to Bank of Montreal is
 estimated at approximately $295 million Cdn, at current exchange rates, of
 which approximately $183 million Cdn relates to the April 5, 2001 sale.
     GFBB remains committed to redeeming $99 million US subordinated
 debentures, held by Bank of Montreal, by April 2002.
     Bank of Montreal originally acquired a 20 per cent voting interest in
 Grupo Financiero Bancomer (GFB) in March 1996. GFB subsequently merged with
 Grupo Financiero BBV(x)Probursa and was renamed Grupo Financiero BBVA Bancomer
 (GFBB). In January, 2001, the bank sold 200 million GFBB voting shares to
 BBVA.
     Bank of Montreal (TSE, NYSE:   BMO), Canada's first bank, is a highly
 diversified financial services institution. The bank operates more than 30
 lines of business within its group of companies, including BMO Nesbitt Burns,
 one of Canada's largest full-service investment firms, and Chicago-based
 Harris Bank, a major U.S. mid-west financial services provider.
 
 

SOURCE Bank of Montreal
    TORONTO, April 4 /PRNewswire/ - Bank of Montreal today announced that it
 has entered into an agreement with Banco Bilbao Vizcaya Argentaria (BBVA) and
 Grupo Financiero BBVA Bancomer (GFBB) to sell its remaining 812 million Series
 O voting shares of GFBB to BBVA. In December, 2000, the bank had announced its
 plans to undertake an orderly disposition of its holdings.
     Of the 812 million shares, the sale of 500 million shares will close on
 April 5, 2001. Closing on the remainder is subject to Mexican and Spanish
 regulatory approvals. Settlement will be in U.S. dollars.
     When the sales are completed, the pre-tax gain to Bank of Montreal is
 estimated at approximately $295 million Cdn, at current exchange rates, of
 which approximately $183 million Cdn relates to the April 5, 2001 sale.
     GFBB remains committed to redeeming $99 million US subordinated
 debentures, held by Bank of Montreal, by April 2002.
     Bank of Montreal originally acquired a 20 per cent voting interest in
 Grupo Financiero Bancomer (GFB) in March 1996. GFB subsequently merged with
 Grupo Financiero BBV(x)Probursa and was renamed Grupo Financiero BBVA Bancomer
 (GFBB). In January, 2001, the bank sold 200 million GFBB voting shares to
 BBVA.
     Bank of Montreal (TSE, NYSE:   BMO), Canada's first bank, is a highly
 diversified financial services institution. The bank operates more than 30
 lines of business within its group of companies, including BMO Nesbitt Burns,
 one of Canada's largest full-service investment firms, and Chicago-based
 Harris Bank, a major U.S. mid-west financial services provider.
 
 SOURCE Bank of Montreal